Iowa's Young professional selected to "Crash" CUNA's 2014 Government Affairs Conference

DES MOINES - Alvaro Macias, Community Development Coordinator at Ascentra Credit Union, has been selected as Iowa's young professional representative to "Crash" and attend the 2014 CUNA Government Affairs Conference (GAC) in Washington D.C., February 23-27.

CUNA and the Cooperative Trust - a young professionals group through the Filene Research Institute - have partnered with state leagues to choose up to 51 young credit union professionals from each state and D.C. to take part in the Crash event. In addition to the core schedule of GAC events, Crashers will attend exclusive speaker sessions and explore opportunities for young adults to help promote credit unions locally and nationally.

"It's important that we provide our young credit union leaders with experiences like Crash the GAC that will help them to grow our industry for years to come," said Patrick S. Jury, CEO/President, Iowa Credit Union League. "Considering the regulatory and legislative challenges that credit unions face today, it's hard to imagine a more critical area for this group to focus on."

Each crasher will receive complimentary registration to the GAC conference, as well as have travel costs and hotel fees covered, courtesy of the Iowa Credit Union League, CUNA and the Cooperative Trust.

"With so many talented young credit union professionals in Iowa, it is truly an honor to have been chosen to represent the state," said Alvaro. "I look forward to working with other credit union peers on the issues that affect all of us."

Crash events have been successful over the past several years in providing young, motivated credit union employees with opportunities to take part in top industry events like CUNA GAC that they might not otherwise be able to attend. With 51 Crashers and a record number of applications received, the 2014 Crash the CUNA GAC will be the largest Crash event to date.

"We're very excited to have Alvaro represent Ascentra Credit Union and Iowa credit unions in this regard," said Dale Owen, Ascentra Credit Union President and CEO. "He's an outstanding choice and we're proud to have him serve in this capacity!"

More information about the GAC can be found on CUNA's website. Details about the Crash the GAC can be found on the event's website.

About the Iowa Credit Union League
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions.To learn more about credit unions, visit www.ASmarterChoice.org.

About Ascentra Credit Union Founded in 1950, Ascentra Credit Union is Iowa's premier credit union with more than $320 million in assets, more than 33,000 members, and 10 branches serving the Midwest. Membership is available for anyone living or working in the Quad Cities or surrounding counties including the following counties in Iowa: Cedar, Clinton, Delaware, Des Moines, Dubuque, Jackson, Johnson, Jones, Linn, Louisa, Muscatine, Scott and Washington; in Illinois: Henry, Knox, Mercer, Peoria, Rock Island and Whiteside. With a full range of financial services, Ascentra is committed to excellence in service and living up to our value proposition of "Listening, caring, doing what's right." Follow Ascentra on Facebook and on Twitter @ascentra.

Nearly 150 million Americans will file federal income tax returns this year and, unfortunately, many will be shelling out much more of their hard-earned money than necessary, says veteran financial expert Jeff Gorton.

"With the ridiculous complexity of our tax code, I can understand how the average person might want to put off doing their homework, but that'll cost you," says Gorton, a veteran Certified Public Accountant and Certified Financial Planner®, and head of Gorton Financial Group (www.gortonfinancialgroup.com).

"When you think about all you do to earn your money, and the lengths we'll go to save a few bucks, it doesn't make sense to not do all we can to prepare for the inevitable - our compulsory contribution to Uncle Sam's bank account."

There is nothing unpatriotic about taking advantage of legal measures to reduce your tax bill, Gorton says. Most Americans, however, don't understand the basics of how to minimize the tax burden, he says.

"If you wait until the last minute to do your taxes, you're sure to miss out on savings," says Gorton, who offers some basic and more advanced tax-saving options.

· Credits: Tax credits are usually subtracted dollar for dollar from the actual tax liability and may be utilized when filing for 2013. They include the Child Tax Credit, which allows up to $1,000 for children younger than 17; the American Opportunity Credit, featuring up to $2,500 in tax savings per eligible student for tuition costs for four years of post-high-school education; and the Energy-Efficient Home Improvement Tax Credit, which grants qualifying taxpayers 10 percent of the cost of certain energy-efficient building materials ? up to a $500 lifetime credit. The Child and Dependent Care Credit, for those who have to pay someone to care for a child younger than 13, or another dependent, offers up to $3,000 for one qualifying individual, or up to $6,000 for two or more qualifying individuals.

· Deductions: Like tax credits, deductions have phase-out limits, so you may want to consult with a professional. Deductions are subtracted from your income before your taxes are calculated, which may reduce the amount of money on which you are taxed and, by extension, your eventual tax liability. Some examples include contributions made to qualifying charitable organizations. And, you may be able to write off out-of-pocket costs incurred while doing work for a charity. Others may include amounts set aside for retirement through a qualified retirement plan, such as an Individual Retirement Account; medical expenses exceeding 10 percent of your adjusted gross income are now deductible - expenses exceeding 7.5 percent are still deductible for those older than age 65; and, potentially, mortgage interest paid on a loan secured for your primary residence.

· Tax-favored investing: This involves both tax-exempt investments and tax-deferred investments. Tax-exempt investments, which include such vehicles as municipal bonds and certain money market funds, offer a way to grow your money that's exempt from federal taxes. Municipal bonds are free of federal income tax and may be free of state and local income taxes for investors who live in the area where the bond was issued. Tax-deferred investments, on which taxes are postponed until you withdraw your money, include qualified retirement plans, such as traditional IRAs and employer-sponsored plans, as well as insurance products such as annuities and, sometimes, life insurance.

About Jeff Gorton, CPA, CFP®

Jeff Gorton is a Certified Public Accountant and a Certified Financial Planner® specializing in individual tax and retirement planning. He is also an Investment Advisor Representative under Alphastar Capital Management, an SEC Registered Investment Advisor, and has a life and health insurance license. Gorton works with individuals and their families to create and protect their financial legacies. He specializes in working with retirees in the areas of tax planning, benefits, retirement planning, estate planning and safe money techniques. He received his BBA in Accounting from the University of Oklahoma. Gorton previously worked for 10 years as the Chief Financial Officer for a large retail organization, overseeing their accounting, benefits and 401(k) retirement plans.

State Loan Helps Firm Add 25 New Jobs as Part of $9.6 Million Expansion

CHICAGO - Governor Pat Quinn today joined John Hofmeister & Son, Inc. to announce that the long-time, family-owned Chicago meat products company will undergo a $9.6 million expansion and create 25 new jobs. The project will be supported by a $2 million loan from the Illinois Department of Commerce and Economic Opportunity (DCEO). Today's announcement is part of Governor Quinn's agenda to create jobs and drive Illinois' economy forward.

"Small businesses are the backbone of the Illinois economy, and programs like this help small businesses thrive," Governor Quinn said. "By increasing access to capital, we are making it easier for companies like Hof Haus to grow and create more jobs in Illinois."

Hof Haus is undergoing an expansion that involves a new slicing and packaging operation that will create 25 new union jobs. The move will allow the company to increase its overall sales to grocery companies such as CKF Foods, American Chef, Meijer, Albertson's and Charlie's Pride, and will help the firm expand its school lunch program sales. Greater emphasis is also being placed on Latino markets served locally by Amigo Foods and El Super, and on sales to Puerto Rico. Hof Haus currently averages about 80 employees, 40 of which are union members, with more employees during peak times. 89 percent of its workers are minorities.

The $2 million Advantage Illinois loan administered by DCEO is part of a $9 million financing package led by Village Bank & Trust of Arlington Heights. The money will allow the company to pay off old debt, acquire new equipment and hire 25 new workers.

"We are proud and thankful to work together with Governor Quinn as well as Village Bank & Trust to keep small family-owned businesses in Chicago alive," said Matt Hofmeister, the company's chief executive officer. "Not only will Hof Haus continue to bring jobs to the West Side, it will attract more consumers to our community where they will support the local economy."

"Advantage Illinois is a shot in the arm to our small businesses," DCEO Director Adam Pollet said. "Enhancing business access to capital is a top priority for Illinois. It gets entrepreneurs and small businesses starting up or expanding and creating quality jobs at a faster rate."

Founded in Chicago more than 60 years ago, Hof Haus is a family-owned manufacturer of a full line of ham, pork and smoked turkey products under the Old Warsaw brand name as well as private labels. They sell to retailers, delis, food service providers, school lunch programs and food assistance programs under government contracts. The manufacturer recently earned the USDA Hub Zone "Contractor of the Year Award" for its customer service, quality control and delivery record.

Under Governor Quinn, Illinois' economy has diversified beyond its historical strengths in manufacturing and agriculture, and growth in factory production has played a large role in the state's recovery from the recent recession. More than 577,000 workers in the state, about 10 percent of the total employment base, are engaged in manufacturing. The sector has added 25,000 jobs since January 2010.

Advantage Illinois is a program designed to accelerate investments and ease the credit crunch for small businesses, thanks to more than $78 million from the federal State Small Business Credit Initiative (SSBCI) of the Small Business Jobs Act of 2010. For more information on Advantage Illinois Loan Participation Program visit www.Illinois.Gov.dceo.